00:00 The RBA Governor Michele Bullock says financial markets are a little bit ahead of themselves with their expectations of when the central bank will cut rates and the board doesn't believe Australia is heading for a recession.
The RBA kept interest rates on hold at 4.35 per cent.
The Governor said no rate cuts were expected in next six months but they would consider a hike if inflation doesn't come down fast enough.
The RBA now thinks it's going to take slightly longer than expected for underlying (or "trimmed mean") inflation to return to 2.5 per cent (compared to its forecasts in May), while the outlook for the labour market is looking slightly weaker than expected.
#ABCBusiness
3:15 AMP's Shane Oliver explains what's been happening on markets around the world and in Australia to create such volatility.
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